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04/01/2011 00:00 AST
UAE markets on Monday closed mixed, as Dubai Financial Market’s General Index, or DFMGI, declined on profit-taking following the previous session’s gains, but banks lifted Abu Dhabi Stock Exchange.
Abu Dhabi Commercial Bank ended 1.9 per cent higher and Union National Bank rose 0.6 per cent, lifting the benchmark index 11.82 points, or 0.43 per cent, to 2,752.97 points.
In Dubai, shares declined on investor speculation gains following Nakheel PJSC’s progress in renegotiating at least $10.5 billion of debt are overdone given the outlook for profit growth.
The DFMGI eased 4.98 points, or 0.30 per cent to 1,663.29 points. The benchmark index rallied 4.1 per cent the previous three days, leaving the gauge’s 30 members valued at an average 15.7 times earnings as of January 2. That was the highest since November 1 and compared with multiples of 12.6 for the shares in Abu Dhabi’s measure.
“The market is going through partial profit taking,” said Mohamed Khaled Hafez, relationship manager at Prime Emirates LLC in Abu Dhabi. “Nakheel news accompanied by oil prices were the main reasons for the recent market gains.”
Nakheel said on December 30 it received funds from the Dubai government to repay Islamic bonds maturing this month. The developer of palm-shaped islands off Dubai’s coast said on January 2 it paid Dh3.9 billion to trade creditors as the company seeks to renegotiate terms on its loans and bills.
Emirates NBD PJSC tumbled six per cent, the most since November 2007. The shares soared eight per cent on Sunday.
Agencies
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
DARALARKAN | 13.47 | 74,648,349 |
ADX 4,608.97
23.76 (0.52
DFM 3,091.15
-2,870.62 (-48.15
Ticker | Price | Change |
---|---|---|
EMIRATESNBD | 10.65 | 0.05 (0.47 |
EIB | 9.50 | 0.00 (0.00 |
EMAAR | 5.61 | -0.03 (-0.54 |
EMAARMALLS | 2.16 | 0.00 (0.00 |
DIB | 5.30 | 0.00 (0.00 |
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